RCR moves to expand retail portfolio with P10.6-B mall deal

RL Commercial REIT, Inc. (RCR) is expanding its retail portfolio after its board approved the acquisition of six mall assets from sponsor Robinsons Land Corp. (RLC) through a P10.62-billion property-for-share swap transaction, BusinessWorld reported.

The deal covers Robinsons Dumaguete, Robinsons Tagaytay, Robinsons Iligan, Robinsons Galleria South, Robinsons La Union, and one other mall, according to a disclosure. The property-for-share swap allows RCR to add income-generating retail assets to its portfolio without a cash outlay, instead issuing new shares to RLC.

The acquisition aligns with RCR's strategy to diversify its asset base beyond office and commercial spaces, strengthening its foothold in the retail sector across key Philippine regions. The transaction is subject to regulatory and shareholder approvals.